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Purpose of Assignment 

The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet. 

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making  

Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder's equity: 

· Selected transactions for Thyme Advertising Company, Inc.

· Issued common stock to investors in exchange for cash received from investors.

· Paid monthly rent.

· Received cash from customers when service was performed.

· Billed customers for services performed.

· Paid dividend to stockholders.

· Incurred advertising expense on account.

· Received cash from customers billed in (4).

· Purchased additional equipment for cash.

· Purchased equipment on account. 

Use the Excel® spreadsheet to record your answers and submit with your responses.